Finance

Government bond yields plummeted following the Treasury Department's announcement that it will more than double its buyback operations for longer-term notes and bonds starting in September. The yield on the 30-year bond recorded its sharpest single-day decline in months, falling to 5.194% after recently hitting its highest level in nearly two decades. The move is designed to inject liquidity into older, less-frequently traded securities and mitigate mounting pressures over the growing federal deficit.

Minutes released from the Federal Reserve's July monetary policy meeting revealed a growing divide among central bank officials regarding future interest rate paths. While the committee ultimately chose to hold rates steady during the session, three dissenting regional presidents advocated for an immediate quarter-point hike to curb stubborn inflationary forces. Policymakers noted that additional rate increases may remain necessary if prices do not show a clearer path toward the target baseline.

The cryptocurrency market rallied sharply as Bitcoin jumped roughly 6% to cross back above the $68,000 threshold, triggering a massive wave of short liquidations. The digital asset's gains were fueled by a high-profile White House meeting between President Trump and top crypto executives, where the administration called on Congress to advance regulatory legislation for the sector. The market also reacted favorably to newly proposed rule changes from the SEC that establish legal frameworks for capital-raising in the crypto industry.